Bitcoin showed modest gains on Wednesday, climbing 1.1% to $82,707.2 by 02:29 ET (06:29 GMT). The uptick followed a rebound in U.S. corporate earnings, which boosted risk appetite. However, rising oil prices, near five-month highs, and lingering uncertainty over artificial intelligence limited further upside for Bitcoin and broader crypto markets.
The world’s largest cryptocurrency has traded within a tight range of $80,000 to $87,000 over the past month. Global economic uncertainties, including rising interest rates and soaring Treasury yields, have dampened demand for speculative assets like crypto. Bitcoin briefly dipped below $80,000 earlier in the month due to yield pressure.
Geopolitical tensions in the Middle East and between Russia and Ukraine have also contributed to higher oil prices, further weighing on risk assets. Despite these challenges, Bitcoin remains down about 1% in October, bucking the historic trend of strong October performance, dubbed “uptober”, for a second straight year.
Broader crypto markets followed Bitcoin’s lead on Wednesday, with gains across major altcoins. Ethereum rose 1.8% to $2,442.67, while Solana added 2.6%. Other notable movers included Dogecoin, up 2.8%, and Shiba Inu, which gained 5.5%. However, October’s performance for altcoins has been lackluster, with momentum from the third quarter stalling.